I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run.

History has shown that in every age and in every field of human knowledge, many of the views which almost everyone accepted as true and never bothered to think about further, were in time proven completely wrong.

The successful investor is usually an individual who is inherently interested in business problems.

The stock market is filled with individuals who know the price of everything, but the value of nothing.

Of one thing the investor can be certain: A large company's need to bring in a new chief executive from the outside is a damning sign of something basically wrong with the existing management - no matter how good the surface signs may have been as indicated by the most recent earnings statement.

I had made what I believe was one of the more valuable decisions of my business life. This was to confine all efforts solely to making major gains in the long-run.

One, which I mention several times elsewhere, is the need for patience if big profits are to be made from investment. Put another way, it is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens. The other is the inherently deceptive nature of the stock market. Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all.